TOKYO: Japan’s Nikkei share average rose on Thursday, tracking Wall Street’s overnight strong finish, although it pared gains as investors sold stocks to book profits.
The Nikkei rose 0.3% to 39,353.05 by the midday break, after climbing to as high as 39,616.59 earlier in the session.
The broader Topix was up 0.22% at 2,713.08.
Wall Street stocks advanced on Wednesday with the S&P 500 and the Dow scoring record closing highs after the release of the Federal Reserve’s meeting minutes and ahead of September inflation data and the earnings season.
The environment for the Nikkei was good, with the Dow and the S&P closing at a record high and the semiconductor index rising, said Takehiko Masuzawa, trading head of Phillip Securities Japan.
“But the gains narrowed because investors sold stocks to book profits.”
The Nikkei will trade higher throughout the session but there is little cue to lift the index closer to the 40,000 level, said Masuzawa.
The market is awaiting the US Consumer Price Index inflation report, due later in the day.
Technology investor SoftBank Group rose 3.27% to give the biggest boost to the Nikkei. Uniqlo brand owner Fast Retailing gained 0.85%.
Camera maker Nikon rose 3.32% to become the Nikkei’s top percentage gainer.
Japan’s Nikkei falls on Wall Street’s declines, stronger yen
Lion surged 7.35% after a report that Japan Activation Capital, an investment fund established by a former Carlyle executive in Japan, has invested in the consumer goods maker.
Aeon tanked 8.35% to become the biggest percentage loser on the Nikkei after the supermarket chain posted a 76.5% decline in its half-year net profit through August. Kawasaki Heavy Industries lost 5.19%.
Of the 225 components on the Nikkei, 147 stocks rose and 7 fell with one trading flat.
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